Dividing Difficult Marital Assets: A Legal Solution
Video Transcript: In an Oklahoma divorce, the equitable division of marital assets can be a complex and challenging process. This is especially true if the marital assets are difficult to divide, such as in the case where a couple owns a family farm that has been in one spouse’s family for generations.
If this is the only significant marital asset, dividing it can be especially tricky. One solution to this problem is to award property division alimony.
This means that one spouse will keep the family farm, while the other receives a monthly payment for a specified period of time. This payment is intended to compensate the non-owning spouse for their share of the asset’s value.
However, there are some important considerations to keep in mind when it comes to property division alimony. For example, what happens if the receiving spouse dies before the end of the payment period? If the recipient of property division alimony dies before the end of the payment period, the remaining payments are owed to their estate. The paying spouse cannot use the recipient’s death as an excuse to stop making payments. Instead, they must continue to make the remaining payments to the estate.
If the paying spouse refuses to make the required payments, the recipient or their estate can seek legal action. This could include filing a motion for contempt, which would require the paying spouse to appear in court and explain their failure to comply with the court’s order.
If the paying spouse is found to be in contempt, they may face penalties such as fines or even jail time. They would also be required to resume making the remaining payments as ordered by the court. Dividing difficult marital assets in an Oklahoma divorce can be a challenging process.
If you have questions about property division alimony or other aspects of the divorce process, contact an experienced divorce attorney in OKC. Call Dustin Peterson at 405-888-5400 or visit OklahomaCityAttorney.com to schedule a consultation.
